The gradually go up in drill bit sizes until you reach your desired diameter.
How to drill through acrylic sheet.
Alternatively you can acquire plexiglass drill bits that are compatible with normal drillers.
First you need to drill a small diameter pilot hole to get started.
Put on your safety.
Lay the 3 8 inch plywood on a firm flat surface that allows you to work easily and place the acrylic sheet on.
A brief shop tip on how to drill clean holes in acrylic and other plastics.
If you just drill a pilot hole then jump right to a big size bit you will likely crack the plastic.
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Place the 1x4 inch piece of wood across the acrylic sheet and secure the plank to the top of the acrylic sheet.
Here is a video on how to properly drill through acrylic plexiglass.